KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad has said that new currency notes of all denominations will be introduced in the country by the end of December.
While briefing the Senate Standing Committee on Finance on Wednesday he added that instead of paper currency, plastic currency will also be brought into circulation. The SBP top official said the approval of the federal cabinet will be obtained soon in this regard.
Committee member Mohsin Aziz said that the initiative would help prevent currency note smuggling. The SBP chief said that plastic currency would be durable, rejecting concerns that it would not serve its purpose.
He further clarified that there is no proposal to ban the Rs5,000 currency note. He explained that the decision to introduce a plastic note will be based on factors such as its cost, durability, and security features.
The SBP is currently carrying out tests and plans to initially introduce only one plastic note. If the test results are positive, the SBP will introduce more plastic currency notes.
